The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M CO COM 88579Y101 4,110 27,000 SH SOLE 27,000 0 0
AFLAC INC COM 001055102 2,114 20,050 SH SOLE 20,050 0 0
ALIBABA GROUP HOLDING-SP ADR COM 01609W102 7,920 69,837 SH SOLE 69,837 0 0
ALPHABET INC-CL A COM 02079K305 15,573 88,370 SH SOLE 88,370 0 0
AMAZON.COM INC COM 023135106 17,567 80,070 SH SOLE 80,070 0 0
AMERICAN EXPRESS CO COM 025816109 3,349 10,500 SH SOLE 10,500 0 0
APPLIED MATERIALS INC COM 038222105 14,891 81,340 SH SOLE 81,340 0 0
AUTOZONE INC COM 053332102 10,691 2,880 SH SOLE 2,880 0 0
BANK OF AMERICA CORP COM 060505104 980 20,720 SH SOLE 20,720 0 0
BANK OZK COM 06417N103 10,310 219,080 SH SOLE 219,080 0 0
BERKSHIRE HATHAWAY INC-CL B CL B 084670702 5,495 11,311 SH SOLE 11,311 0 0
BROOKFIELD ASSET MGMT-A COM 113004105 18,928 342,681 SH SOLE 342,681 0 0
CANADIAN NATL RAILWAY CO COM 136375102 61,452 590,955 SH SOLE 590,955 0 0
CANADIAN NATURAL RESOURCES COM 136385101 19,686 627,619 SH SOLE 627,619 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 43,913 553,890 SH SOLE 553,890 0 0
CENTENE CORP COM 15135B101 16,123 297,042 SH SOLE 297,042 0 0
CGI INC COM 12532H104 71,633 683,472 SH SOLE 683,472 0 0
CHEVRON CORP COM 166764100 3,566 24,907 SH SOLE 24,907 0 0
CUMMINS INC COM 231021106 4,685 14,305 SH SOLE 14,305 0 0
DARDEN RESTAURANTS INC COM 237194105 7,124 32,682 SH SOLE 32,682 0 0
DOLLAR GENERAL CORP COM 256677105 19,440 169,960 SH SOLE 169,960 0 0
EMERA INC COM 290876101 43,856 959,314 SH SOLE 959,314 0 0
EOG RESOURCES INC COM 26875P101 9,237 77,225 SH SOLE 77,225 0 0
EXXON MOBIL CORP COM 30231G102 4,114 38,161 SH SOLE 38,161 0 0
FORTIS INC COM 349553107 50,707 1,064,121 SH SOLE 1,064,121 0 0
FRANCO-NEVADA CORP COM 351858105 40,372 246,397 SH SOLE 246,397 0 0
HAEMONETICS CORP/MASS COM 405024100 1,077 14,440 SH SOLE 14,440 0 0
HOME DEPOT INC COM 437076102 3,585 9,777 SH SOLE 9,777 0 0
HORMEL FOODS CORP COM 440452100 12,545 414,710 SH SOLE 414,710 0 0
JOHNSON & JOHNSON COM 478160104 15,464 101,240 SH SOLE 101,240 0 0
JPMORGAN CHASE & CO COM 46625H100 6,040 20,835 SH SOLE 20,835 0 0
LENNOX INTERNATIONAL INC COM 526107107 2,917 5,089 SH SOLE 5,089 0 0
MAGNA INTERNATIONAL INC COM 559222401 25,129 651,377 SH SOLE 651,377 0 0
MCKESSON CORP COM 58155Q103 2,366 3,229 SH SOLE 3,229 0 0
MERCK & CO. INC. COM 58933Y105 11,141 140,737 SH SOLE 140,737 0 0
MICRON TECHNOLOGY INC COM 595112103 2,275 18,455 SH SOLE 18,455 0 0
NATIONAL RESEARCH CORP COM 637372202 6,406 381,310 SH SOLE 381,310 0 0
NETFLIX INC COM 64110L106 4,151 3,100 SH SOLE 3,100 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205 8,704 126,114 SH SOLE 126,114 0 0
NUTRIEN LTD COM 67077M108 18,298 314,643 SH SOLE 314,643 0 0
NV5 GLOBAL INC COM 62945V109 1,448 62,700 SH SOLE 62,700 0 0
ONE GAS INC COM 68235P108 1,008 14,030 SH SOLE 14,030 0 0
ORACLE CORP COM 68389X105 3,856 17,635 SH SOLE 17,635 0 0
PACCAR INC COM 693718108 4,660 49,020 SH SOLE 49,020 0 0
PEPSICO INC COM 713448108 15,482 117,255 SH SOLE 117,255 0 0
RB GLOBAL INC COM 74935Q107 43,875 413,817 SH SOLE 413,817 0 0
ROGERS COMMUNICATIONS INC-B CL B 775109200 17,440 589,161 SH SOLE 589,161 0 0
ROSS STORES INC COM 778296103 3,915 30,690 SH SOLE 30,690 0 0
ROYAL BANK OF CANADA COM 780087102 60,209 457,766 SH SOLE 457,766 0 0
SITIO ROYALTIES CORP-A COM 82983N108 871 47,386 SH SOLE 47,386 0 0
SOLVENTUM CORP COM 83444M101 15,501 204,392 SH SOLE 204,392 0 0
STANTEC INC COM 85472N109 19,555 180,085 SH SOLE 180,085 0 0
STARBUCKS CORP COM 855244109 7,786 84,970 SH SOLE 84,970 0 0
SUN LIFE FINANCIAL INC COM 866796105 79,334 1,194,699 SH SOLE 1,194,699 0 0
TELUS INTERNATIONAL CDA INC COM 87975H100 27,623 7,614,325 SH SOLE 7,614,325 0 0
TFI INTERNATIONAL INC COM 87241L109 31,604 352,781 SH SOLE 352,781 0 0
THOR INDUSTRIES INC COM 885160101 16,080 181,066 SH SOLE 181,066 0 0
UNILEVER PLC-SPONSORED ADR COM 904767704 11,222 183,454 SH SOLE 183,454 0 0
UNION PACIFIC CORP COM 907818108 12,132 52,731 SH SOLE 52,731 0 0
UNITEDHEALTH GROUP INC COM 91324P102 9,095 29,154 SH SOLE 29,154 0 0
WALT DISNEY CO/THE COM 254687106 4,962 40,010 SH SOLE 40,010 0 0
WELLS FARGO & CO COM 949746101 2,764 34,497 SH SOLE 34,497 0 0
XPEL INC COM 98379L100 1,136 31,650 SH SOLE 31,650 0 0